Several US banking organizations have requested the Consumer Financial Protection Bureau (CFPB) extend the compliance deadline for its Personal Financial Data Rights rule by at least 2 – years due to the complexity and extensive changes required. Their letter to CFPB director Rohit Chopra emphasized the significant updates needed in technology infrastructure, public disclosures, and performance metrics to meet the new standards. They also highlighted that a shorter compliance period could disrupt services for millions of consumers, urging a meeting to discuss the implementation scope and timeline in detail.
US Banks Ask CFPB For Longer to Comply With Data Rights Rule
